May 17, 2020

Digital transformation spending to reach $2.3trn in 2023

Digital Transformation
Digital Manufacturing
William Smith
2 min
Digital transformation spending is set to reach $2.3trn in 2023, according to a report from market intelligence provider International Data Corporation (IDC)
Digital transformation spending is set to reach $2.3trn in 2023, according to a report from market intelligence provider International Data Corporation...

Digital transformation spending is set to reach $2.3trn in 2023, according to a report from market intelligence provider International Data Corporation (IDC).

Among a number of findings was the prediction that over half of all ICT spending will be on digital transformation by 2023. Also of note was the suggestion that between 2019 and 2023 spending on digital transformation will grow by 17.1% year-on-year.

"We are approaching an important milestone in DX investment with our forecast showing the DX share of total worldwide technology investment hitting 53% in 2023," said Craig Simpson, research manager at IDC. "This will be the first time DX technology spending has represented the majority share of total worldwide information and communications technology (ICT) investment in our forecast, which is a significant milestone and reflective of the larger commitment to enterprise-wide digital transformation."

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Manufacturing is predicted to power the growth, accounting for 30% of the total. Use cases ripe for digital transformation in the manufacturing industry include robotic manufacturing, while in industries such as retail, commerce platforms are key.

Geographically, the United States is said to be most active in the digital transformation area, delivering over a third of worldwide spending, followed by Western Europe and China. Regardless of location, manufacturing and supply chains are said to be the engine of the growth in digital transformation spending.

The road ahead is not without pitfalls, however. McKinsey said in 2016 that 70% of digital transformation spending is wasted.

Alex Guillen, Technology Strategist at Insight, comments: “With this rising investment and expectations come increasing pressure on IT teams – who have to both drive innovation and manage core infrastructure and operations. In fact, in Insight’s Intelligent Technology Index 66 percent of CIOs feel that IT is being set up to fail, taking on more responsibility for transformational projects, while still keeping core systems running effectively. There is no quick fix to reconciling this burden; investment and technology alone won’t solve the pressure IT teams are under. Instead, digital transformation needs to be an enterprise-wide priority, with responsibility shared across the business. Without this change in corporate culture, the pressure on IT teams will only increase.”

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Jun 4, 2021

Logi Analytics Webinar: Meet the speaker

LogiAnalytics
Webinar
Data
Technology
2 min
Join Technology Magazine and Logi Analytics for this exclusive webinar as we explore the revolutionary power of next-generation embedded analytics

Data allows business owners to leverage digital insights and embrace the power of data-driven business intelligence to make more informed decisions that are better for business growth and evolution. By using data to drive its actions, an organisation can contextualise and/or personalise its messaging to its prospects and customers for a more customer-centric approach.

BizClik Media Group and Logi Analytics invite you to explore next-gen embedded analytics in our live webinar. There’s still time to sign up for the event entitled ‘Application Imperative: How Next-Gen Embedded Analytics Power Data-Driven Action’, which is taking place on 10 June at 4 pm BST.

The webinar will be led by Constellation Research’s Principal Analyst, Doug Henschen, who focuses on data-driven decision-making. Henschen’s Data-to-Decisions research examines how organisations employ data analysis to reimagine their business models and gain a deeper understanding of their customers.

Henschen's research acknowledges that innovative data analysis applications require a multi-disciplinary approach starting with information and orchestration technologies, continuing through business intelligence, data visualisation, and analytics, and moving into NoSQL and big-data analysis, third-party data enrichment, and decision-management technologies.

Constellation Research is a technology research and advisory firm based in Silicon Valley. Prior to joining Constellation, Doug Henschen led analytics, big data, business intelligence, optimisation, smart applications research, and news coverage at InformationWeek.

What will the webinar cover?

This exclusive webinar will explain next-gen embedding capabilities that will enable your company to:

  • Eliminate unproductive toggling between transactional interfaces and purely analytic dashboards
  • Drive two-way interactions between app features and embedded analytics to drive data-driven action
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Logi Analytics is the only developer-grade analytics solutions provider focused exclusively on embedding analytics in commercial and enterprise applications, empowering the world’s software teams with the most intuitive data analytics solutions and a team of dedicated professionals invested in your company’s success.

Why not sign up today to find out exactly how Logi Analytics can revolutionise your data analytics game?

We look forward to seeing you there!

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